[Music] for the last few years it didn't matter too much if you made mistakes while dabbling in the housing market the profits of amateur developers were protected by a rising market but then in the summer of 2007 the housing bubble burst the worst thing was was not being able to borrow any more money everything changed and just took a dive everything went from fabulous to rock-bottom overnight swimming and there the bubbles burst and we're gonna that's it is finished I don't think I'll ever come back [Music] it's 2007 and with the housing market falling the best thing developers can do right now is to take on short project so you can get in and get out quickly but it's too late for tonight's novice developers you've already taken on too mammoth projects this is time summit we're talking about you know just get something you know is bad you got to do it and when they run out of cash things go from bad to worse Dawn's the building society because of the credit crunch they said they're not prepared to lend us any more money in henley-on-thames in Oxfordshire meets self-employed bookseller Nigel Goff and his wife Jilly who restores antique furniture they're experiencing poverty developing is nil really we've we've not to wall them and we've done some decorating rewired a couple of plugs but really not much experience talking despite the lack of experience in July 2007 Nigel and chilli decide that this three-bedroom Victorian property is where they should invest all their savings in a bid to pay off their mortgage it's a huge project and dragging this house into the 21st century is going to be a lot harder than they imagined it's a top homes area this isn't it we've been looking for a house like this for about a year and a half two years projects like this don't come very often and you don't even have to think about when you get the opportunity to buy something that's you've just got to go in there what made you decide so if you always thought about developing on that bottom line is making money we want to get our mortgage down as much as we can yeah Nigel's old-fashioned right what a you thinking that this to Douglas is gonna cost the builders quote came in a lot higher we expect you to be fair so we just made it up a little bit it's a seriously scary approach to developing and it gets even scarier when you look at their figures they paid five hundred and twenty seven thousand for the property right at the top of the market but waiting for Planning Commission in a falling market means their sons don't stack up with a start they have a hundred thousand pound budget which is small for such a big project and they hope to sell for an optimistic six hundred and seventy-five thousand that would make them a thirty three thousand pound profit but that's just a five percent return on their investment property developing involves a lot of money and as a rule you should aim for 20% return on your investment I'm struggling to see any sense in this development well I don't totally understand is you wanted a modernize an old house that needed work just because the houses are modern eyes doesn't necessarily mean you'll make any profit out of modernizing it because it might cost more than the difference between a modernized house and run modernized house to do the work when the markets difficult it's even more crucial to be realistic about your figures and I think there's six hundred and seventy five thousand pounds sale price simply isn't a project like this can be terribly stressful on you emotionally you're a bit nervous about that we never really plan too much so we don't argue about what's to come we just take it on when it comes cocky that sounds like a time bomb waiting to go off no plans and it'll be okay it's a dangerous strategy for a development that needs so much work at the top there's an unconverted roof space with a large chimney breast in the middle on the first floor there's a master bedroom with ensuite a further two bedrooms but no family bathroom and downstairs there are two reception rooms and unfashionably small kitchen and finally the bathroom exactly when they're on one set it's a terrible layout but Nigel and Jenny have a vision for putting it right so the plan out here and it's quite a big plan isn't it you're planning on knocking all of this wall down yeah extending here and knocking all of that all down yeah it's just not something that I've ever seen done oh this is a huge amount of work Nigel and Julie rightly want to demolish the old bathroom and extend the side to gain more space but they also want to take out the entire back wall of the house to join the rear reception room into the now enormous kitchen diner [Music] I feel they should keep the second reception room and install a downstairs WC crucial to a large family home the thinking is that we can have a great big open space with a kitchen in the dining area there so the family can spend all their time in there we spend all of our time nowadays in kitchens and dining areas it all makes complete sense until you think about what's in the rest of the house how many bedrooms there are how many further reception rooms there are it's only when children are incredibly small that you want that totally open plan space as soon as they have thousands of plastic bits of toy you actually want that in a slightly separate space their problems don't stop downstairs upstairs they're converting the loft which should add real value but they only add in one bedroom and they're putting the family bathroom up here which could be a major pain for the veterans below if they took out the chimney they could get a second bedroom up here and on the floor below they could turn the rear bedroom into a far more convenient family bathroom I think you have to have a bathroom on this floor because I think if you only have another bathroom other than this ensuite up in the attic it doesn't work at all well for a family with young children do you think that what is now the third bedroom it's gonna be a substantial bathroom it's gonna be a big bathroom yes and yet the say the fourth bedroom upstairs is going to be a relatively small space it's not big enough to be a bedroom and a bathroom that back space so you can't do that and therefore I think you have to go with it being a bathroom yeah but this seems to be the solution we were trying to take too many boxes and get too many things into new too many little spaces I like that the good news is they like this new layout upstairs but on the ground floor it's a different story we've now got a plan not stairs at least but downstairs I'm not sure I still feel that large space at the back of the house really is going to make an absolutely stunning room I personally feel that I would quite like to stick with our original plan to suddenly say oh yes we're gonna go with what sarah has said it's harder than you think 130 miles away near dissin Norfolk meet retired cabbie Alan Hutchinson and his wife Sue they too think they have the perfect money-making project they sold everything they own and have moved into a caravan to take this on it's an old Edwardian lodge in the middle of the forest that was completely gutted by fire five years ago and one of the most derelict developments we've ever had I can understand people looking at that and thinking goodness what a risk those couple are taking but to me there is no risk because I know it's four walls but they're four sturdy walls I think you know you've only got a little bit of sense to sorta like get something like that going get a good dark attempt on it and sort out all your rooms and everything get the landscaping done properly yeah can you go right you can't really go wrong but with a development on this scale in an already jittery housing market things can go very wrong indeed a hundred thousand pounds in pound notes in my hand said George it or not I'd say no I don't want it it's autumn 2007 and the speculation that the housing boom is going bang but nobody wants to hear that especially not Alan and Susan Hutchinson who sunk their life savings into a massive project near dis in Norfolk they fought this burnt-out old Lodge in the middle of the woods it's a big project especially as they've only ever renovated a couple of small cottages before so what an amazing pile of bricks [Laughter] you've got a bit of a job on your hands yeah certainly this is a really amazingly unique sports and it's very peaceful so why did you decide to buy this what we were thinking that people want value for money these days and what more would you value than your time your leisure time with your family and friends privacy and Haven from stress and just to be somewhere that they can relax and enjoy and I think this really is the place so you were desperate together I was I really wanted it yeah I really wanted it Alan and Sue recently paid a hundred and ninety thousand pounds for the property they have a two hundred thousand pound budget it's tight for what's a virtual rebuild and relies on them doing a massive amount of the work themselves surprisingly though they're 450,000 pounds sale price falls way short of what I think they could achieve as does their target profit of 60,000 pounds what's really exciting about this is you do effectively have a blank canvas you've got a fantastic plots with a quite an interesting building in but it's so derelict you can do what you like with it in terms of layout and space we've got ideas on the way we would like the place to be it's a personal thing sometimes but it's the personal thing that means that they're missing the true potential of this site on the ground floor they're installing a kitchen that risks becoming a chaotic crossroads between the new dining room extension with conservatory on one side and a sitting room and study on the other I think conservatives can put off a lot of buyers in its place either the larger extension and put the kitchen diner there there'd be less traffic and access the garden then as dining rooms are rarely used these days I'd move that into the busy central area behind the way we'd thought it through was that the hub of the house was the kitchen and all rooms came back to the kitchen that's kind of the warmest Snuggies closest place and people love to be in the kitchen but it's also the most chaotic room which you need be able to shut the door on and not go in the kitchen to get anywhere in the house that means that you are always saying to have to look at their washing up the issues downstairs are nothing compared with the missed opportunities above Alan and Susan are planning just three bedrooms but family houses with four bedrooms always command a premium and it's an easy fix to put one above a larger grand floor extension potentially raising the sale price by a massive 20% to me it's a no-brainer what do you think of that between three and four bedrooms we're not totally inflexible we will give it some thought but that fourth bedroom is absolutely essential if you want to get top top value for this because a family house changes in value from a three bedroom to a four four bedroom quite considerably do you think that the family home will get us the best remember definitely most people who want an acre of land and they want to live in the middle of the woods want to do so because they have children and they want their children to run around in the woods so it's just more chance that you're going to sell it because there's more people like that I just get it on my mind you know what we've won and light and hopefully someone else would like it as well you know they just walk in they think yeah like this because we like you you don't think a lot of you in this house aren't you yeah but we're hoping that someone else might see it as well I'm not sure Alan and Susan have done their homework there's an amazing opportunity to build a premium family home but if they do what they want rather than what the market demands they risk throwing it all away in Hanley work started on Nigel and Julie's development as the rear of the property is totally ripped down the enormity of what they have taken on starts to hit home I think in retrospect we didn't realize quite how grim this house was their project managing a three-month build with figures so tight that even the tiniest mistake could cost them dearly but they're already knocking through the rear reception room to form part of their enormous new kitchen amazing so it leaves this development with just one reception for a 4-bedroom family home which is not what buyers in Henley want this nearby house started out with an identical ground floor layout to Nigel and Jilly's and even though it's been modernized they've kept the front reception room and essentially the rear one as well for a very good reason so now this is the room that you're planning on putting your kitchen in this family use it as a playroom as you can see your kids used to be okay so if we take this through next door hmm okay now you've got this lovely open space that's clasify perfect for the family to hang out and if you didn't have this separate playroom so that was the kitchen over there and this was your playroom and your living space this is what it would end up looking which would be really really annoying and they'd be walking across here and imagine tripping over all this you'd have toys everywhere and I'm not saying everybody should live like this I'm just saying it's easier to live like this and if you're trying to make the most desirable family home you want it to be as easy to live in as much I have to say I am beginning to warm to the idea of the flexibility we need to sit down it means rebuilding the rear wall of the back reception room but I think it's an essential move to make this a competitive family home 130 miles away in Norfolk ex cabbie Alan Hutchinson and his wife Susan are starting out on their eight-month development of this burnt-out Lodge [Music] well I let's join thing it's a great building what Alan and Sue are rebuilding is a modest three-bedroom property a three-bedroom family home is completely throwing away this site's potential the architect said by putting that extra bedroom in upstairs we could get another 20,000 but to be frank I think it's worth 20,000 just not to go there you know got to go back to planning and like I just you know I'm happy to lose 20 grand for not putting a better fit basically it's just too much hassle I reckon there could be a lot more than 20 grand at stake and when you've sold everything you own and it's huffing it out to their Caravan it seems bizarre not to try to maximize your profit thank you I've done some research in the area these are three bedroom houses so this is three to five three six five four fifteen four twenty and four to five and 390,000 son of the average for a for a three-bedroom house then four bedroom houses start at four seventy five four nine five five two five five two five and five seven five so the average of those is 519 thousand so the difference is a hundred and thirty thousand which is a massive amount between a three bedroom and a four bedroom house you're into a completely different market completely different league of buyer and I can't say I've ever thought about it or noticed it before because I wouldn't have thought there was a big markup between the two you know two different types of property crucially at this early stage adding a fourth bedroom a cost relatively little more at 30,000 pounds and could nearly triple their sixty thousand pound target profit if I have a hundred thousand pounds in pound notes in my hand I said John tit or not would you go no do you know I don't change that I'd say no I don't want it but why certain things that with architects and the can so you know what trouble that can be so we want to go there again probably four hundred thousand pounds I'll let you keep him in Hanley Nigel and Jilly has spent so much time finalizing plans their original schedule is already up and the builders are only just starting work on the loft downstairs work on the kitchen extension has also begun Nigel in Chile are doing an enormous amount of work to transform this property but surprisingly they're Stowell Upton to put in one small but vital addition I don't want guests walking out of a loo in the middle of a dinner party it just it just doesn't that's it not having a downstairs loo in a large family home like this is just a and as the decline in the housing market has now reached henley even the smallest compromise could jeopardize their chance of selling let alone making any money home is another added expense which we don't really need so great we don't need to have a downstairs loo and what if somebody does want to have a downstairs loo who buys this I can put the room I think the reality is it's unlikely that somebody is going to want to buy a newly modernized house and then rip it apart to put the plumbing in and put a downstairs loo in there just buy another house so it's better than just going up this because the bathrooms just at the top of the stairs yeah but if you've got little children it's a pain and this is a family yes so if they won't believe me maybe local estate agents can convince them so we ask you a question how important is it to have a downstairs toilet in a four bedroom family house it would be expected these days a house of that size with four bedrooms definitely all right and what's the smallest downstairs loo you've ever seen because we might have it yes you do definitely need a downstairs loo particularly if you've got little children because you haven't always got that time to run up the stairs with them if you can find the space definitely get it downstairs loo we're gonna have to have a downstairs toilet they every single one of them has said even if it is making them say yeah I think we have to go for it don't you near dissing Norfolk Alan and Susan are completely immovable on their plans they're sticking with three bedrooms and their ideas to the ground-floor don't make much sense either yeah I think this is gonna be a great kitchen Oh each room will come into it and so if there was a family living here yeah they would always congregate they wanted with the kitchen right in the middle of the house but it would make more sense for it to go in the new rear extension where there are great views and access to the huge garden this is what families will want but Alan and Susan just can't seem to see it it's so important I'm determined to get the tape with her eyes the reality is your biggest market is a family market and and and that kind of makes most sense to try and appeal to them I think it's gonna work is gonna need more persuading we can do more persuading okay because we're gonna want some other people what they think would you prefer the kitchen dining room to be able in the garden or would you prefer the kitchen dining room to be in the middle of the house overlooking the garden so that's 1/3 it's lovely in the summer to throw the doors open and extend your kitchen and living area into the garden I would rather have the kitchen yeah in the conservatory bit with a dining [Music] look at the models in the kitchen as well okay mr. Renard one over the nice feel I'll use my sway that's good madam even though I've asked all these people you're gonna stick to your guns and there's neighbors wait again well yes I have to say you're seeing customers it would be funny but this crazy decision more customers some money I hate they'll change their minds we both slept on it and said to each other I think we better consider the kitchen being in the extension and in the end we decided it was a good idea probably be more cost-effective and it will shut Sarah but just as I think I'm back on track with this pair they take a gruesome detail oh my goodness I would really question whether selling this house is going to be made easier I'll pay you to take it down in Norfolk Alan and Susan have been working tirelessly on their development but the budget is getting out of hand you just feel like sometimes you're a cash machine and people just think it's okay to oh yeah this is costing over this so this is cost this soon you know just really supposed to get it all off you just can't keep shelling it out and it's not just the rising costs that are getting them down living in a caravan and has a bit of a wearing effect on you and you don't realize that you're getting down but you actually you know realize when you go to other people's houses especially you know what you've left behind it's February 2008 and like the rest of the country Norfolk how sales are falling by as much as 34-percent buyers are scarce so making a good first impression is vital but Alan and Susan have been toiling in the woods for so long and worried they've lost touch with reality I've ever sculpted on of the gray men of the forest the green man stands for fertility rebirth and really that's what this hair is all about has been read bowling after the fire and everything I don't Sarah's gonna like it but I love it though there's no discussion about it it's there it's time Alan is so pleased with the sculpture he wants me to get maximum impact it's also really scary crikey me so we're in the front porch here and this is meant to be a family house and you've got a scary evil over in the wall that's right I would really question whether selling this house is going to be made easier with that as the first thing that you see whose idea was that was my idea and Susan you're in charge of the rest of the interior I'm your safe bet and that's your wildcard and you're convinced by this - oh yeah I think it's a nice feature there's lots of family crests and stuff like that that's put on the walls nobody bats an eyelid really and your equivalent of a family crest is to have a giant scary ogre growling down at you as you come through the wall I really really think it's an error of judgment I've never done this before but I'll pay you to take it 20 quid alright 40 quiz 6200 no so not even for 200 credits no I think it's mysterious it fits into the forest theme I love it I think it's a great place and it's staying you're not going to change it maybe the god of the forest I think you're both away with in truth I'm not sure it's that funny getting buyers through their door in one of the most difficult housing markets has just got a whole lot harder in Hanley Nigel and jelly have their own gremlins they have taken on the massive modernisation of an outdated family home which they bought at the peak and seriously underestimated the amount of work that needed doing there's so much to do and although the building is coming to an end and you think you know it's all finished this made me finish soldier on and and do the hole up and the workloads not the only problem they've run out of cash basically we're about 20,000 pounds over budget and we've gone to the Building Society because of the credit crunch they said they're not prepared to them this any more money it's not good news at all that we've got to find it to finish the house it's not just Nigel and Jilly who are feeling the pinch with banks drastically reducing their lending house sales are being hit even in areas like Henley I just hope all Nigel and Julie's hard work isn't for nothing in Norfolk Alan and Susan are also in trouble at a time when prospective buyers are fleeing the market they're over schedule and over budget the bills taking longer than we thought and the reason for this is because we're doing a lot of the work ourselves this is ten summer time and it's just every we die non-stop you know I just coming out and just doing this in the end just get something you know it was bad you got to do it and it's not just the delay in this development that's a concern having four bedrooms is vital if they're to achieve the top price for a family home I suggested they could add one over a larger extension but Alan and Susan think they found a better solution put the roof up we could see we could get a fourth bedroom so I can I'd probably report mine up here be silly not to squeezing in a fourth bedroom without adding any extra square footage is not quite what I had in mind we've managed to get four bedrooms upstairs for the cost of a few bits of timber and they're fairly decent sized rooms by today's standards there shouldn't be anything standard about this development in a market where buyers are few and far between but it's not the only thing I think might put people off this Conservatory it's gonna be so brilliant it's definitely my favorite bit I don't think Sarah is going to like the idea of us having one but I really want this conservatory and I'm really looking forward to it being young and I think it's going to be such a feature that yeah it it needs it the house needs it yeah mostly this period house yes and what a painting now anyway at a conservatory showroom I'm gonna show Alan and Susan exactly why in my experience conservatories can put off lots of buyers now the big problem with conservatories or traditional conservatories is that in the summer they're boiling hops and in the winter they're freezing cold well what I've set up here is a lamp that throws in the same amount of light that the Sun would can you feel the glare is is quite unpleasant to sit it's in your face it's gonna be really hot in here you'd have to have a blind or something like that yeah what's the point in having a glass roof if you're going to put a blind over it and why not go with a more contemporary version of a conservatory which would be a Garden Room the Garden Room is 20 percent more expensive because it has to comply with building regs for installation but I think it will always add value Alan was quite keen for a Garden Room but I'm definitely against it I'm a hundred percent for a conservatory anyone who lives in that house wants to enjoy that beautiful unspoilt countryside all year round to watch birds nature whatever you wanted to do looking at the stars at night it's such a missed opportunity if I don't have a glass roof so you're absolutely sold on the fact that yeah what a garden you'll only have yeah okay in Hanley Julia and Nigel are over budget and the bank is refusing to help so they should be finishing this project as cheaply as possible but furniture restorer Jilly has one expensive weakness this is the offending table Eddie this is Hugh it's so gorgeous the legs are a hundred and eighty years old the top is an old mill boards from France wasn't the cheapest purchase in the world no money doesn't come into it love something yeah surely you can't fit this massive table into your development we're gonna we're gonna have it shortened that's a lot of table you're cutting out huh there's a lot of table left and he won't tend to just by a shorter table this sort of table doesn't come up very often Julie and I have been looking for ages do you think that maybe sometimes the development head kind of flies out the window bit development didn't come into it at all this is gonna be the only time when we've gone slightly off from the project it's really important there that you get the right furniture in because furniture that's too big or too small or the wrong size no this won't happen again [Laughter] it's October 2008 and in Norfolk Alan and Susan have worked in extra hands to help with the final push to get their development finished it's coming on very nicely and and the end is in sight they may be on the home straight but with the housing market paralyzed will there be any buyers it's a concern that when we finished it won't be worth what we want it to be worth [Music] we're four burnt-out walls one stood tucked away in the middle of the forest who is now a spectacular for bed family home we're considering that this was literally four walls it's the most spectacular achievement as great yeah it's turned out very well isn't that for the scary man yeah the green man in the woods isn't the only battle I've had with this pair to maximize the stunning potential of this site upstairs they're two reasonably sized bedrooms in a family bathroom but then they've compromised the third bedroom just squeezed in a fourth which is certainly not a double it wasn't exactly how I imagined a fourth bedroom to be because you've chopped a bit off one of the bedrooms to create it haven't you it's quite a small room you didn't want to go back to planning no we didn't want to go back to plan it was just too much aggravation and we knew we could get a room air this and you can actually get a double bed in it it's not perfect but it is a compromise downstairs the reception rooms work well with the dining room in the dark central area even if the styling maybe a little too individual for many buyers I still think they missed an opportunity by adding on a conservatory but moving the kitchen to the back is a saving grace [Music] and this is so lovely and light imagine what it would be like having this kitchen in the middle of the house and that dark dark room you know glad or not yeah please yeah I would say this is my favorite room this one and the conservatory I love it so would you have been as happy with it if the kitchen was in the middle no it would have been dark and gloomy this is much better what a wise wise lady who haha I just can't help feeling that if you'd been a little bit more patient with planning and created a bigger grander house that you perhaps could have made more from this absolutely amazing sight but even without being more ambitious with the development the budget has increased by 27,000 pounds which means they need to sell for four hundred and seventeen thousand pounds to break-even the market since you bought this has been volatile to say the least do you know how much the market has dropped in this area no no no depends so much on which property and this is going to have held its value better than others but but it's relatively universally accepted around here that that's been mr. 15% [Applause] [Music] the current market is really tight is challenging there's no doubt about it I've been in the business 20 years and this is the worst I've known it I will tell you this prophecy at 390 thousand pounds I value this house of four hundred thousand pounds I've run in this house at four hundred and fifty thousand pounds I'm not surprised they mentioned 450 because I think the property is worth it this hasn't been valued at 450 you're not going to definitely get 450 for this no no no with those three valuations I think you'll be more likely to get 434 50 Wow so I think you know you have to be realistic I mean I could say it's worth 800 800 for it you've got to get some to actually paid yeah so what what would what will you do in this situation I think we're gonna ride out the storm and move in and enjoy it and seven months on Alan and Susan have completely fallen in love with the house and are intending to stay living there for some time to come but in Hanley estate agents are warning that the 675 thousand pounds Nigel and Julie were looking for is a dim and distant dream well house opposites has been on the market for two months at $5.99 and it's now being reduced to 499 and they still haven't got a buyer it's October 2008 and since Nigel and Julie took on an enormous development 15 months ago property sales in henley-on-thames have plummeted 12 months ago houses were snapped up before they came on the market now only the very best are getting even a whiff of interest so after months of slog will Jillian Nigel make a penny this projects been a lot harder than I think we thought it was going to be a lot more stressful than I ever imagined I think you eat sleep and breathe it thanks a whole lot yeah we are going to lie down for a very long time after this [Music] outside this once neglected family home has now been spruced up but it's inside that the development comes into its own Nigel and Jilly have maximized the value of their loft conversion by creating too bright and spacious top floor rooms downstairs there's the master bedroom with ensuite and a further bedroom and that crucial family bathroom [Music] now this was going to be a bedroom wasn't it and you're gonna have the family bathroom up in the attic that's right yeah but this works brilliant and it's a lovely big room yeah when ultimately here you've now got pretty much the perfect layout for a family house which means that in terms of sale you are at the very front of of any other potential houses on the ground floor the front reception room is spacious and beautifully styled I think it's a shame they didn't keep a value adding the second reception room but the kitchen is bright and modern and has enough room for that very expensive table this is brilliant as far as a family home is concerned I mean this is this is exactly what any kind of families apart from the fact that if this was a playroom and this is the kitchen breakfast room you you still have this kind of toy through fair well we think the space works well as it is it's so good this house in all possible ways the layout couldn't actually be better and this is the only error I think that maybe it falls down and if people buy the house want doors they're making themselves I agree with you and someone could put them in but I just feel that you're providing such as a top-notch products that's in a perfect world for a family home you would you would have this space separated or able to be separated up or not separated out which makes it absolutely kind of spot-on for a family home luckily though they did install the critical downstairs loo overall the budget went from a hundred thousand to one hundred and twenty thousand which is not good news in a market that's only going down [Music] you're hoping when you bought it you get 675 thousands of this right you so it was probably quite top it at the time mmm it's and it's not worth $675,000 I know that it may not be worth six hundred and seventy five thousand but Jillian Nigel have to get six hundred and forty seven thousand just to break even what do the agents think the biggest month for sales in Henley is the smaller family home in the sort of four hundred thousand pound category maybe 18 months ago properties like this would have sold in three to four weeks whereas now it would take months there's a house opposite and it's been on the market for two months at five nine nine and it's now being reduced to four hundred and ninety nine and they still haven't got a buyer I think an achievable price for this property is six hundred and fifty thousand pounds I would value this property at six hundred and twenty thousand pounds I value of this house at six hundred and twenty thousand pounds the lowest of that would give you a twenty seven thousand pound loss and the highest would give you a three thousand pound profit which this market is at least a profit yeah if we'd known a year ago what was going to happen don't obviously would wouldn't have even begun to consider this project so much work for such little money we got the timing wrong as simple as that timing wasn't the only thing that was wrong with this development when planning a budget at 20 percent contingency is vital but Nigel and Julie's margins were too small from the outset when it became clear that the market wasn't going to turn around overnight Nigel and Jilly decided to sell their more expensive family home and move into the Henley development [Music] we've ended up where we were a year and a half ago and to be able to say that I think we were very very lucky we didn't make a lot of money we wanted to but we hadn't done badly we've got a better house than we had before it's just so nice to look round I think what it's all done we would do another development because we did enjoy it and hopefully we'd make money next time because that helps well that's why we did it in the first place wasn't it there's never been a more difficult time to develop so it's really really important you get everything works out the rising market will no longer protect you and mistakes will cost you dearly next week on property leather can taking on a unique property be the answer to a falling market did you just think do you know what I really need a jailhouse it's gonna feel like it's a a great pad in the West End of London [Music] you you
